Subject $1.5bn for PH refinery repair to national debate, Atedo Peterside tells FG

Atedo Peterside, founder of Stanbic IBTC and Anap Foundation, says approval of $1.5 billion for the rehabilitation of Port Harcourt refinery in Rivers state should be subjected to “an informed national debate”.

On Wednesday, the Federal Executive Council (FEC) announced the approved sum for the rehabilitation exercise at the refinery.

The approval was announced at the 38th virtual FEC meeting presided over by President Muhammadu Buhari in Abuja.

Timipre Sylva, minister of state for petroleum, said the rehabilitation will be done in three phases of 18, 24 and 44 months.

He said the contract will be awarded to Tecnimont SPA, an Italian company.

Sylva said the funding has three components from Nigerian National Petroleum Corporation (NNPC) internally generated revenue (IGR), Afreximbank and budgetary provisions.

Reacting to the development in a tweet on Sunday, Peterside asked the federal government to halt repair of the refinery.

The entrepreneur, who served as a member of the National Council on Privatization between 2010 and 2015, said experts prefer that the refinery is sold to qualified investors.

“FG should halt $1.5bn approval for repair of Port Harcourt refinery and subject this brazen & expensive adventure to an informed national debate,” the tweet reads.

“Many experts prefer that this refinery is sold “as is” by BPE to core-investors with proven capacity to repair it with their own funds.”

FG should halt $1.5bn approval for repair of Port Harcourt refinery and subject this brazen & expensive adventure to an informed national debate. Many experts prefer that this refinery is sold "as is" by BPE to core-investors with proven capacity to repair it with their own funds

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— Atedo Peterside (@AtedoPeterside) March 21, 2021